QUESTION:  My father is not able to handle his own financial matters.  What can I do?

ANSWER:    You are concerned about your father and want to make sure he is taken care of, and gets the help he needs as he ages.  To anwer your question, I would first need to know exactly what you mean by “not able to handle his own financial matters.” 

We need to determine if your father still legally competent to make decisions about his legal affairs.    Does he understand what is happening, but can no longer read his financial statements, write checks or get to the bank?   Or is it more severe – is he unable to process the information he is given and make a reasonable judgment about what to do.  You may disagree with the financial decisions your father makes, but that does not mean he is not mentally competent as defined by the law.

If your father is legally competent, and he is willing, he can sign a power of attorney giving you or someone else the power to handle his financial affairs for him.  If your father has already signed a power of attorney for his finances that will go into effect if he should become incapacitated this might be an appropriate time to talk to him about relinquishing control in favor of the people he has already chosen to help him in this situation.

If your father has not planned ahead and if he is no longer competent to sign a power of attorney, then someone will have to go to court to ask for a guardianship over his estate.  Your father would still be free to make his own decisions about personal things like where to live, what medical care to have, and so on. The court would appoint someone to look after his financial affairs under the supervision of the court. That person usually has to post a bond to protect your father’s estate from the effects of mismanagement.

A guardianship proceeding can be expensive, especailly if your father doesn’t agree to let someone else have control. The costs for a guardianship are taken out of your father’s assets, including any legal fees for advice needed or help preparing and submitting records to the court on a regular basis. For this reason, it’s much better for everyone to plan ahead to avoid this situation and the expenses associated with it.

Roger J. Gaydos,
Attorney at Law
407 Oak Spring Rd.
Canonsburg, PA 15317

TEL: 724.745.4030     
FAX:  724.745.6117

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